Bonita Mining Company recently purchased a quartz mine that it intends to work for the next10years. According to state environmental laws, Bonita must restore the mine site to its original natural prairie state after it ceases mining operations at the site. To properly account for the mine, Bonita must estimate the fair value of this asset retirement obligation. This amount will be recorded as a liability and added to the value of the mine on Bonitas books.

There is no active market for retirement obligations such as these, but Bonita has developed the following cash flow estimates based on its prior experience in mining-site restoration. It will take3years to restore the mine site when mining operations cease in10years. Each estimated cash outflow reflects an annual payment at the end of each year of the3-year restoration period.

Restoration Estimated Cash Outflow

Probability Assessment

$14,880	10%
20,590	30%
26,110	50%
29,550	10%

What is the estimated fair value of Bonitas asset retirement obligation? Bonita determines that the appropriate discount rate for this estimation is5% (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Estimated fair value of Bonitas asset retirement obligation $_______________?